Scottish exploration firm Cairn Energy has begun evaluating seismic survey data relating to its offshore Irish acreage and said it remains on course for drilling in the area in 2015.

Providence Resources could see a 500% jump in its share price this year if it successfully manages to conclude its mooted 40% farm-out at its highly-rated Barryroe field in the Celtic Sea, according to one London-based exploration analyst.

Shares in Providence Resources fell by almost 10%, yesterday, after the Irish exploration company confirmed that drilling at one of its highly-anticipated assets off the west coast has been postponed.

PROVIDENCE Resources is planning to start drilling at its much anticipated Spanish Point prospect in 2012, following seismic studies suggesting the licence is likely to become a commercial development.